Fewer Home Buyers Pay All-Cash
Offer's from home buyers using all-cash to pay for their real estate transactions dropped to the lowest level since November 2009, as indicated by an report by RealtyTrac. Almost 25 percent of all single-family home and condos sales in May were all-cash, down from 30 percent a year ago.
The percentage of cash sales is nearing a long-term average that goes back to January 2000 of 24.8 percent. Cash deals are likewise well-below peak of 42.2 percent reached in February 2011.
The share of institutional investors - the individuals who buy no less than 10 properties in a year and who regularly pay all-cash - is diving.
All things considered, housins markets are transitioning from a ""investor-driven, cash-is-king market to one more dependent on traditional buyers," says Daren Blomquist, VP at RealtyTrac.
The main five metro zones with the most highest share of cash buyers (and a populace of no less than 200,000) are all situated in Florida. They are: Naples-Marco Island (56%); Sarasaota-Bradenton (54%); Miami (53.4%); Ocala (49.9%); and Cape Coral-Fort Myers (49.7%).